The office has pledged to set aside from first receipts of taxes and revenues, including amounts pledged to the office by the participating districts, an amount equal to 50% of note principal in the month ending Dec.

The office has pledged to set aside first receipts of taxes and revenues, including amounts pledged to the office by the participating districts, in an amount equal to 25% of note principal in February, March, April, and May 1999, and the interest in the month of May 1999, with the Butte County treasurer as paying agent.

The authorizing legislation, as amended, establishes the base amount, provides that first receipts of sales tax flow to the fund each year until the base amount is reached, and states that it is the intent of the legislature that moneys deposited in the fund belong to the corporation and do not constitute available resources of the commonwealth for any purpose.

In order to clean up past damage from underground oil storage tanks and to allay this condition in the future, Iowa has earmarked 25% of the first receipts from the 4% portion of the 5% sales tax on motor vehicles (or 80% of the total tax but not to exceed $15.

Fitch's highest rating on the RANs is based on the county's long-term credit characteristics as well as a sound note repayment structure whereby the county's policy is to accelerate the statutorily required set-aside schedule by reserving first receipts from anticipated revenues streams.

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